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US Senate set to vote on student loan bill

The Senate is preparing to vote this week on legislation that would cut student loan debt for hundreds of thousands of New York residents.

The White House says in New York more than 2.8 million borrowers are carrying more than $70 billion in debt. And unlike with a home or business loan, once you receive a student loan your interest rate is locked in for its life.

New York Democratic Senator Kirsten Gillibrand is hoping to change that. She's helping push legislation in the Senate this week that would allow student loan rates to be readjusted just like other loans.

“When the average student has about $27,000 of debt, how could you possibly buy a home, how can you possibly plan on that family?" said Gillibrand. "And what this has become is a drag on the economy. It’s actually slowing down our economy because these everyday investments aren’t being made by our students.”

The legislation faces an uphill battle. Republicans oppose it because it's paid for with increased taxes on millionaires and billionaires. They also argue it does nothing to cut the rising cost of higher education.